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SOCAR: There are contradictions on legal status of contract related to Shahdeniz-2 project between Azerbaijan and Turkey

25 July 2011 11:31 (UTC +04:00)

According to SOCAR officials, most details of contract as well the works on transit fee, volume of gas to be transported and transportation route were completed. At the same time, the contradictions on legal status and details between the sides are waiting the solution.

V. Aliyev noted that, total investment portfolio of Shahdeniz-2 was supposed to be $25-30 bln and such large project had to be protected: â€œGreat Britain and Switzerland legislation can play role as legislative base to regulate the contract. We solved some problems with our Turkish partner. We have to change our contracts to the compulsory agreement from the standpoint of lawâ€.

He also stressed that, the Company intends to access to the Near East markets viqa Turkey: â€œWe have already established initial relations with potential purchasers in Near East. Weâ€™ll start to export gas to Syria when the situations stabilize there. Azerbaijan also intends to sell natural gas to Jordan, Israel and Greeceâ€.

He also noted that, SOCAR would invest $ 100 mln in Petkim Company, this year. Company plans to construct new oil refinery factory in Izmir.